NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Interest Rates and the Design of Financial Contracts

Michael R. Roberts, Michael Schwert

NBER Working Paper No. 27195
Issued in May 2020

---- Acknowledgments ----

We thank Patrick Bolton, Urban Jermann, Craig Leonard, Mark Mitchell, Christian Opp, Bill Schwert, and Daniel Streitz; seminar participants at the University of British Columbia, University of Nebraska-Lincoln, University of Southern California, and the Wharton School; and participants at the Chicago Junior Finance and Macro Conference, the Conference on Financial Frictions at Copenhagen Business School, and the Washington University Corporate Finance Conference for helpful discussions. We also thank Evan Friedman and Derek Gluckman of Moody's Investors Service for providing data on loan covenant quality, and Bilge Yilmaz for aid in acquiring leveraged loan data. We gratefully acknowledge financial support from the Jacobs Levy Equity Management Center, the Rodney L. White Center, and the Wharton Financial Institutions Center. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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